In November 2023, we saw sales decline even more than the previous month, for the 5th month in a row.

We had an 8% range in that decline, with only 891 sales compared to the other months, and over 2,030 new listings that hit the market, a down of 20% since October and 43% since the peak in May.

When we look at the numbers on these active listings on the market inventory, the down was 5% month over month, but compared to last November, it was up 177%.

If we pick the Fraser Valley scenario, we are in a balanced market right now, with over 14% sales to active listings ratio, since we are between 12 to 20% to be considered that.

Looking a little bit closer, you will see that apartments and townhomes are still in seller market territory, that is, it is a good time to sell some of those.

In terms of HPI Benchmark prices, all three property types saw a small decrease, with townhomes and detached houses down under 1%, and apartments virtually unchanged. Either way, if we pick these numbers to compare with last year, all these properties have an increase of 5%.

Okay but what does this all really mean?

If you’re a buyer right now, there are some deals out there that you can have, but keep in mind that there are not a lot of desperate sellers, so things aren’t collapsing and prices aren’t changing that much, and you must come along with a decent offer.

Last week, I went to a real estate tour and looked over some new listings, and heard the same history for them: if this house had been available like 6 months ago, it would have received multiple offers, with people competing to buy, but now these same listings have been sitting there with no interests.

That makes me think that in a few months, around January or February, maybe things get a little better and the interest rates will start to fall with a lot of people kicking themselves, but didn’t look closer to buying it.

I think the next months are going to be busier!

Okay, now, if you’re only curious and want to learn more about the Surrey area, make sure to download my neighborhood guide by clicking here, or subscribe to our newsletter to get everything about the lifestyle & home market in Fraser Valley.

I know it may seem complicated but mostly scary to face that real estate market right now, but if you want to take a chance on either buying or selling a house, I can assist you. All you have to do is click on this link and fill out the form, or contact me and my team at

Email: info@moeteam.ca

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